Renasant Corporation Announces Record Earnings Per Share for 2005

Renasant Corporation (NASDAQ:RNST) ("Renasant" or the
"Company") today announced record earnings per share for 2005. Basic
and diluted earnings per share were $2.33 and $2.31 for 2005,
respectively, up 8.37% and 7.94% compared to basic and diluted
earnings per share of $2.15 and $2.14 for 2004, respectively. Net
income for 2005 was $24,209,000, up 31.26%, or $5,766,000, from 2004.
   Basic and diluted earnings per share were $.60 for the fourth
quarter of 2005, compared to basic and diluted earnings per share of
$.45 for the fourth quarter of 2004. Net income for the fourth quarter
of 2005 was $6,218,000, compared to $4,048,000 from the fourth quarter
of 2004.
   "We are pleased with our 2005 performance as we continue to
realize the benefits of our mergers with Heritage Financial Holding
Corporation ("Heritage") and Renasant Bancshares, Inc. Consistent with
our strategic goals, we continue to experience a low level of
charge-offs and non-performing loans. Net interest margin for the
fourth quarter of 2005 improved slightly from the third quarter of
2005 while non-interest income continues to be strong. Reflecting this
performance, we are excited to mention that, in their January 9, 2006
report, Stephens Inc. Investment Bankers selected Renasant as the
"Best Idea to Start the New Year" for investment in a bank or thrift,"
commented Renasant Chairman and Chief Executive Officer, E. Robinson
McGraw.
   Total assets as of December 31, 2005 were $2.398 billion, an
increase of 40.45%, from December 31, 2004, reflecting primarily the
acquisition of Heritage. Total loans grew 44.22% to $1.646 billion at
the end of the fourth quarter of 2005 from December 31, 2004 while
total deposits grew 41.69% to $1.868 billion during the same period.
The increase in total loans and total deposits was also primarily due
to the Heritage acquisition. Excluding the balances from the Heritage
acquisition, total loans and deposits at December 31, 2005 grew
$115,002,000, or 10.07%, and $168,776,000, or 12.80%, respectively,
from December 31, 2004.
   "We are realizing strong growth in loans and deposits for our
Tennessee division, with increases of over $94 million and $65 million
for 2005, respectively, over 2004. We are beginning to realize solid
loan growth in Alabama with a $13 million increase in loans since the
Heritage acquisition. Alabama deposit growth has been robust in 2005
with $43 million in deposits generated since the Heritage acquisition,
including the intentional runoff of nearly $20 million in brokered
deposits which Heritage held at the time of the merger. In
Mississippi, deposit growth remained strong at $61 million for 2005
while loans have grown by $8 million," stated McGraw. "It is important
to note that approximately 70% of our loans and 61% of our deposits
are now in what we consider to be key growth markets."
   "We continue to expand our presence in new growth markets with the
recent opening of a full-service banking office in a high profile East
Memphis, Tennessee location, and we expect to open a full service
banking office in Collierville, Tennessee in the first quarter of
2006," commented McGraw. "We have acquired a prime location on the
historic square in Oxford, Mississippi to compliment our recently
opened full service banking office located at one of Oxford's busiest
intersections and our ATM located on the campus of the University of
Mississippi. Our strategic plan also calls for the opening of
additional offices in Huntsville, Nashville, Birmingham and other
growth markets in 2006 and 2007," continued McGraw.
   Net interest income grew 37.34% to $20,914,000 for the fourth
quarter of 2005 compared to $15,228,000 for the same period in 2004
due to loan growth and the Company's acquisition of Heritage. During
the fourth quarter of 2005, the Company recorded $740,000 in interest
income as cash flows from certain Heritage loans accounted for under
SOP 03-3 exceeded initial estimates. Net interest margin decreased to
4.11% for the fourth quarter of 2005 from 4.20% for the fourth quarter
of 2004. The additional interest income from the Heritage loans
accounted for under SOP 03-3 increased net interest margin for the
fourth quarter of 2005 by 14 basis points. Excluding this increase,
net interest margin for the fourth quarter of 2005 was 3.97%, up 3
basis points from 3.94% in the third quarter of 2005.
   Noninterest income increased 52.86% to $10,118,000 for the fourth
quarter of 2005 from $6,619,000 for the fourth quarter of 2004.
Noninterest income for the fourth quarter of 2004 includes $1,093,000
from an other-than-temporary impairment charge on certain Fannie Mae
and Freddie Mac preferred stock held in our securities portfolio. The
increase in noninterest income was due to the combination of the
Heritage acquisition and improvements in service charges, fees and
commissions generated on the Company's loan and deposit products,
trust revenue and gains on the sale of mortgage loans.
   Noninterest expense was $21,557,000 for the fourth quarter of 2005
compared to $16,631,000 for the fourth quarter of 2004 due primarily
to the acquisition of Heritage. Noninterest expense to average assets
decreased to 3.59% for the fourth quarter of 2005 compared to 3.92%
for the fourth quarter of 2004. The decrease reflects the planned
elimination of duplicate data processing operations and staff as a
result of the Heritage merger, reduced data processing costs through
contract renegotiations with the Company's primary vendor and planned
Mississippi staff reductions.
   "Included in 2005 and 2004 earnings are after-tax expenses of
$420,000 and $313,000, respectively, related to the expensing of stock
options. We elected to expense stock options at the beginning of 2001,
and this decision reduced 2005 and 2004 earnings by $.04 and $.03 per
share, respectively," stated McGraw.
   Credit quality remained strong during the fourth quarter of 2005.
Annualized net charge-offs as a percentage of average loans were .19%
for the fourth quarter of 2005, down from .64% for the fourth quarter
of 2004. Of the fourth quarter 2004 net charge-offs, $1,634,000, or
.57%, was related to the sale of commercial and commercial real estate
loans during the fourth quarter of 2004. The credit quality of these
loans had declined below the desired credit standards of the Company.
Existing reserves on these loans exceeded the charge-off amount by
$612,000 which reduced the loan loss provision for the fourth quarter
of 2004. Net charge-offs as a percentage of average loans for the year
ended December 31, 2005, were .20% compared to .32% for 2004.
Non-performing loans as a percentage of total loans were .42% at
December 31, 2005, as compared to .76% as of December 31, 2004. The
allowance for loan losses as a percentage of loans was 1.12% at
December 31, 2005, as compared to 1.26% for December 31, 2004. The
non-performing loan coverage ratio was 266.52% at December 31, 2005
compared to 166.30% at December 31, 2004.
   The acquisition of Heritage was completed on January 1, 2005 using
the purchase accounting method under generally accepted accounting
principles. Under this method of accounting, the financial statements
of the Company do not reflect the results of operations of Heritage
prior to January 1, 2005. The balance sheet of the Company as of
December 31, 2005, however, reflects the Company's acquisition of
Heritage, including total assets of $540.3 million, total loans of
$389.8 million, total deposits of $381.0 million, goodwill of $47.6
million and core deposits intangible of $4.6 million. The Company
issued 1,369,589 shares of Renasant common stock and paid $23.1
million cash in connection with the acquisition.

   CONFERENCE CALL INFORMATION

   A live audio webcast of a conference call with analysts will be
available beginning at 10:00 a.m. Eastern time on Wednesday, January
18, 2006, through the Company's website: www.renasant.com, and through
Thompson/CCBN's individual investor center at www.fulldisclosure.com,
or any of Thompson/CCBN's Investor Distribution Network. The event
will be archived for 90 days. If Internet access is unavailable, the
conference may also be heard live (listen-only) via telephone by
dialing 1-866-711-8198 in the United States and entering the
participant passcode: 53151230. The conference call will be available
for replay by dialing 888-286-8010 and entering passcode: 38741162.

   ABOUT RENASANT CORPORATION

   Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $2.4 billion and
operates 61 banking and insurance offices in 36 cities in Mississippi,
Tennessee and Alabama.

   NOTE TO INVESTORS

   This news release may contain, or incorporate by reference,
statements which may constitute "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward looking statements usually include words such as
"expects," "projects," "anticipates," "believes," "intends,"
"estimates," "strategy," "plan," "potential," "possible" and other
similar expressions.
   Prospective investors are cautioned that any such forward-looking
statements are not guarantees for future performance and involve risks
and uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual results
to differ materially from those in forward-looking statements include
significant fluctuations in interest rates, inflation, economic
recession, significant changes in the federal and state legal and
regulatory environment, significant underperformance in our portfolio
of outstanding loans, and competition in our markets. We undertake no
obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes
to future operating results over time.

-0-
*T
                         RENASANT CORPORATION
----------------------------------------------------------------------
                             (Unaudited)
            (Dollars in thousands, except per share data)

                                          2005
                   ---------------------------------------------------
Statement of          Fourth       Third        Second       First
 earnings            Quarter      Quarter      Quarter      Quarter
------------------ ------------ ------------ ------------ ------------

Interest income -
 taxable equivalent
 basis             $    35,620  $    33,249  $    32,718  $    30,146

Interest income    $    34,777  $    32,417  $    31,900  $    29,295
Interest expense        13,863       12,678       11,445        9,977
                    -----------  -----------  -----------  -----------
  Net interest
   income               20,914       19,739       20,455       19,318

Provision for loan
 losses                    712          833          848          597
                    -----------  -----------  -----------  -----------
  Net interest
   income after
   provision            20,202       18,906       19,607       18,721

Service charges on
 deposit accounts        4,377        4,358        4,167        3,874
Fees and
 commissions on
 loans and deposits      2,865        2,853        2,965        2,505
Insurance
 commissions and
 fees                      881          955          906          831
Trust revenue              644          613          611          625
Gain (loss) on
 sale of
 securities                  -            -          (32)         102
Gain on sale of
 mortgage loans            673          766          673          693
Gain on sale of
 merchant business           -            -            -            -
Merchant discounts           2            2            2            2
Other                      676          697          659        1,271
                    -----------  -----------  -----------  -----------
  Total non-
   interest income      10,118       10,244        9,951        9,903

Salaries and
 employee benefits      11,438       11,696       11,520       11,459
Occupancy and
 equipment               2,785        2,220        2,222        2,605
Data processing          1,056          966          962        1,044
Amortization of
 intangibles               543          557          571          586
Other                    5,735        5,125        5,581        5,269
                    -----------  -----------  -----------  -----------
  Total non-
   interest
   expense              21,557       20,564       20,856       20,963

Income before
 income taxes            8,763        8,586        8,702        7,661
Income taxes             2,545        2,261        2,495        2,202
                    -----------  -----------  -----------  -----------
  Net income       $     6,218  $     6,325  $     6,207  $     5,459
                    ===========  ===========  ===========  ===========

Basic earnings per
 share             $      0.60  $      0.61  $      0.60  $      0.52
Diluted earnings
 per share                0.60         0.60         0.59         0.52

Average basic
 shares
 outstanding        10,318,913   10,396,579   10,400,330   10,406,243
Average diluted
 shares
 outstanding        10,429,769   10,511,212   10,518,760   10,560,330

Common shares
 outstanding        10,289,510   10,380,372   10,397,897   10,412,775
Cash dividend per
 common share      $      0.22  $      0.22  $      0.22  $      0.21

Performance ratios
------------------
Return on average
 shareholders'
 equity                  10.45%       10.57%       10.64%        9.40%
Return on average
 shareholders'
 equity, excluding
 amortization
 expense                 11.01%       11.14%       11.25%       10.16%
Return on average
 assets                   1.04%        1.07%        1.06%        0.93%
Return on average
 assets, excluding
 amortization
 expense                  1.09%        1.12%        1.12%        1.01%

Net interest
 margin (FTE)             4.11%        3.94%        4.14%        3.98%
Yield on earning
 assets (FTE)             6.73%        6.36%        6.36%        5.95%
Average earning
 assets to average
 assets                  88.18%       88.06%       88.10%       87.54%
Average loans to
 average deposits        89.96%       90.68%       90.75%       90.75%

Noninterest income
 (less securities
 gains / losses) 
 to average assets        1.68%        1.73%        1.71%        1.68%
Noninterest
 expense to
 average assets           3.59%        3.47%        3.57%        3.58%
Net overhead ratio        1.90%        1.74%        1.86%        1.91%
Efficiency ratio
 (FTE)                   67.63%       66.73%       66.79%       69.71%

(a) Percent variance not meaningful


                                          2004
                    --------------------------------------------------
                       
Statement of           Fourth       Third        Second       First
 earnings             Quarter      Quarter      Quarter      Quarter
------------------- ----------- ------------  ------------ -----------

Interest income -
 taxable equivalent
 basis              $   21,803   $   21,538    $   18,418  $   18,441

Interest income     $   21,076   $   20,805    $   17,559  $   17,584
Interest expense         5,848        5,802         5,012       5,134
                     ----------   ----------    ----------  ----------
 Net interest
  income                15,228       15,003        12,547      12,450

Provision for loan
 losses                    (82)         636           488         505
                     ----------   ----------    ----------  ----------
 Net interest
  income after
  provision             15,310       14,367        12,059      11,945

Service charges on
 deposit accounts        3,856        4,067         3,732       3,700
Fees and commissions
 on loans and
 deposits                1,812        1,975         1,958       1,671
Insurance
 commissions and
 fees                      887          993           890         820
Trust revenue              419          658           606         464
Gain (loss) on sale
 of securities          (1,130)          51           (31)         89
Gain on sale of
 mortgage loans            166          138           151         128
Gain on sale of
 merchant business           -            -         1,000           -
Merchant discounts          39            7           270         356
Other                      570          489           543         943
                     ----------   ----------    ----------  ----------
 Total non-interest
  income                 6,619        8,378         9,119       8,171

Salaries and
 employee benefits       8,755        9,106         7,952       7,593
Occupancy and
 equipment               2,406        2,095         1,727       1,566
Data processing          1,159        1,020         1,141       1,163
Amortization of
 intangibles               389          403           100         123
Other                    3,922        3,586         3,262       3,241
                     ----------   ----------    ----------  ----------
 Total non-interest
  expense               16,631       16,210        14,182      13,686

Income before
 income taxes            5,298        6,535         6,996       6,430
Income taxes             1,250        1,844         1,939       1,783
                     ----------   ----------    ----------  ----------
 Net income         $    4,048   $    4,691    $    5,057  $    4,647
                     ==========   ==========    ==========  ==========

Basic earnings per
 share              $     0.45   $     0.52    $     0.61  $     0.57
Diluted earnings
 per share                0.45         0.52          0.61        0.57

Average basic
 shares outstanding  9,024,384    8,977,549     8,186,826   8,191,530
Average diluted
 shares outstanding  9,081,944    9,042,695     8,207,941   8,212,533

Common shares
 outstanding         9,046,997    9,018,145     8,186,826   8,186,826
Cash dividend per
 common share       $     0.21   $     0.21    $     0.20  $     0.20

Performance ratios
-------------------
Return on average
 shareholders'
 equity                   9.07%       10.49%        14.02%      13.27%
Return on average
 shareholders'
 equity, excluding
 amortization
 expense                  9.55%       10.98%        14.27%      13.56%
Return on average
 assets                   0.95%        1.12%         1.40%       1.29%
Return on average
 assets, excluding
 amortization
 expense                  1.00%        1.17%         1.43%       1.32%

Net interest margin
 (FTE)                    4.20%        4.16%         4.10%       4.09%
Yield on earning
 assets (FTE)             5.74%        5.69%         5.64%       5.67%
Average earning
 assets to average
 assets                  89.10%       89.52%        91.10%      90.79%
Average loans to
 average deposits        84.13%       82.46%        77.17%      76.09%

Noninterest income
 (less securities
 gains/ losses) to 
 average assets           1.82%        1.98%         2.26%       2.25%
Noninterest expense
 to average assets        3.92%        3.86%         3.94%       3.80%
Net overhead ratio        2.09%        1.88%         1.68%       1.56%
Efficiency ratio
 (FTE)                   73.67%       67.22%        62.96%      63.72%

(a) Percent variance not meaningful

                      4th Qtr
                       2005 -       
                      4th Qtr             For the Year
                       2004             Ended December 31,
                                --------------------------------------
Statement of           Percent                               Percent
 earnings             Variance         2005        2004     Variance
-------------------- ----------    -----------  ---------- -----------

Interest income -
 taxable equivalent
 basis                   63.37    $   131,733  $   80,200       64.26

Interest income          65.01    $   128,389  $   77,024       66.69
Interest expense        137.06         47,963      21,796      120.05
                     ----------    -----------  ---------- -----------
 Net interest income     37.34         80,426      55,228       45.63

Provision for loan
 losses                (968.29)         2,990       1,547       93.28
                     ----------    -----------  ---------- -----------
 Net interest income
  after provision        31.95         77,436      53,681       44.25

Service charges on
 deposit accounts        13.51         16,776      15,355        9.25
Fees and commissions
 on loans and
 deposits                58.11         11,188       7,416       50.86
Insurance
 commissions and
 fees                    (0.68)         3,573       3,590       (0.47)
Trust revenue            53.70          2,493       2,147       16.12
Gain (loss) on sale
 of securities         (100.00)            70      (1,021)    (106.86)
Gain on sale of
 mortgage loans         305.42          2,805         583      381.13
Gain on sale of
 merchant business           -              -       1,000     (100.00)
Merchant discounts      (94.87)             8         672      (98.81)
Other                    18.60          3,303       2,545       29.78
                     ----------    -----------  ---------- -----------
 Total non-interest
  income                 52.86         40,216      32,287       24.56

Salaries and
 employee benefits       30.65         46,113      33,406       38.04
Occupancy and
 equipment               15.75          9,832       7,794       26.15
Data processing          (8.89)         4,028       4,483      (10.15)
Amortization of
 intangibles             39.59          2,257       1,015      122.36
Other                    46.23         21,710      14,011       54.95
                     ----------    -----------  ---------- -----------
 Total non-interest
  expense                29.62         83,940      60,709       38.27

Income before income
 taxes                   65.40         33,712      25,259       33.47
Income taxes            103.60          9,503       6,816       39.42
                     ----------    -----------  ---------- -----------
 Net income              53.61    $    24,209  $   18,443       31.26
                     ==========    ===========  ========== ===========

Basic earnings per
 share                   33.33    $      2.33  $     2.15        8.37
Diluted earnings per
 share                   33.33           2.31        2.14        7.94

Average basic shares
 outstanding             14.34     10,380,320   8,597,267       20.74
Average diluted
 shares outstanding      14.84     10,491,067   8,637,008       21.47

Common shares
 outstanding             13.73     10,289,510   9,046,997       13.73
Cash dividend per
 common share             4.76    $      0.87  $     0.82        6.10

Performance ratios
--------------------
Return on average
 shareholders'
 equity                                 10.29%      11.52%
Return on average
 shareholders'
 equity, excluding
 amortization expense                   10.87%      11.91%
Return on average
 assets                                  1.03%       1.18%
Return on average
 assets, excluding
 amortization expense                    1.09%       1.22%

Net interest margin
 (FTE)                                   4.05%       4.14%
Yield on earning
 assets (FTE)                            6.36%       5.68%
Average earning
 assets to average
 assets                                 87.94%      90.01%
Average loans to
 average deposits                       91.16%      79.91%

Noninterest income
 (less securities
 gains / losses) to 
 average assets                          1.70%       2.12%
Noninterest expense
 to average assets                       3.56%       3.87%
Net overhead ratio                       1.86%       1.75%
Efficiency ratio
 (FTE)                                  67.70%      66.94%

(a) Percent variance not meaningful


                         RENASANT CORPORATION
----------------------------------------------------------------------
                             (Unaudited)
            (Dollars in thousands, except per share data)

                                            2005
                       -----------------------------------------------
                         Fourth       Third      Second       First
Average balances         Quarter     Quarter     Quarter     Quarter
---------------------- ----------- ----------- ----------- -----------
Total assets           $2,382,811  $2,353,914  $2,340,597  $2,339,201
Earning assets          2,101,218   2,072,762   2,062,124   2,047,770
Securities                404,882     408,161     420,463     452,818
Loans, net of unearned  1,661,546   1,640,121   1,611,143   1,576,877
Intangibles               100,657     101,323     101,385     101,453

Non-interest bearing
 deposits                 244,384     235,611     234,946     229,638
Interest bearing
 deposits               1,602,674   1,573,085   1,515,318   1,483,677
  Total deposits        1,847,058   1,808,696   1,750,264   1,713,315
Other borrowings          274,922     289,849     333,710     371,855
Shareholders' equity      236,015     237,386     233,908     232,348

Asset quality data
----------------------
Nonaccrual loans       $    3,984  $    3,803  $    4,157  $    3,807
Loans 90 past due or
 more                       2,906       3,398       2,292       3,002
                        ----------  ----------  ----------  ----------
Non-performing loans        6,890       7,201       6,449       6,809
Other real estate owned
 and repossessions          4,299       6,646       7,114       7,232
                        ----------  ----------  ----------  ----------
Non-performing assets  $   11,189  $   13,847  $   13,563  $   14,041
                        ==========  ==========  ==========  ==========

Net loan charge-offs   $      813  $      465  $      780  $    1,186
Allowance for loan
 losses                    18,363      18,448      18,080      18,012

Non-performing loans /
 total loans                 0.42%       0.45%       0.40%       0.43%
Non-performing assets
 / total assets              0.47%       0.58%       0.58%       0.60%
Allowance for loan
 losses / total loans        1.12%       1.15%       1.14%       1.14%
Allowance for loan
 losses /
     non-performing
      loans                266.52%     256.19%     280.35%     264.53%
Net loan charge-offs
 (annualized) /
    average loans            0.19%       0.11%       0.19%       0.31%

Balances at period end
----------------------
Total assets           $2,398,173  $2,379,793  $2,353,385  $2,320,164
Earning assets          2,105,281   2,073,678   2,075,244   2,041,307
Securities                399,034     400,786     415,193     425,196
Mortgage loans held
 for sale                  33,496      42,865      32,792      32,623
Loans, net of unearned  1,646,223   1,608,697   1,592,391   1,572,103
Intangibles               100,664     100,766     101,528     101,406

Non-interest bearing
 deposits              $  250,270  $  244,086  $  233,095  $  238,651
Interest bearing
 deposits               1,618,181   1,574,232   1,531,082   1,502,350
  Total deposits        1,868,451   1,818,318   1,764,177   1,741,001
Other borrowings          266,505     299,076     334,952     324,330
Shareholders' equity      235,440     237,211     235,454     230,892

Market value per
 common share               31.63       31.65       30.76       31.10
Book value per common
 share                      22.88       22.85       22.64       22.17
Tangible book value
 per common share           13.10       13.14       12.88       12.44
Shareholders' equity
 to assets (actual)          9.82        9.97       10.00        9.95
Tangible capital ratio       5.87        5.99        5.95        5.84
Leverage ratio               8.61        8.79        8.67        8.59

Detail of Loans by
 Category
----------------------
Commercial, financial,
 agricultural          $  226,203  $  224,673  $  228,371  $  228,305
Lease financing             7,469       8,143       9,576      10,763
Real estate -
 construction             169,543     162,694     159,798     159,155
Real estate - 1-4
 family mortgages         566,455     558,616     547,307     531,347
Real estate -
 commercial mortgages     597,273     570,849     556,694     537,800
Installment loans to
 individuals               79,280      83,722      90,645     104,733
                        ----------  ----------  ----------  ----------
  Loans, net of
   unearned            $1,646,223  $1,608,697  $1,592,391  $1,572,103
                        ==========  ==========  ==========  ==========

(a) Percent variance not meaningful

                                            2004
                       -----------------------------------------------
                         Fourth       Third      Second       First
Average balances         Quarter     Quarter     Quarter     Quarter
---------------------- ----------- ----------- ----------- -----------
Total assets           $1,699,207  $1,681,430  $1,440,130  $1,439,689
Earning assets          1,514,042   1,505,190   1,311,945   1,307,160
Securities                377,482     388,286     403,959     405,543
Loans, net of unearned  1,128,631   1,103,362     897,219     871,897
Intangibles                48,128      51,483       5,697       5,797

Non-interest bearing
 deposits                 195,732     182,542     160,744     140,084
Interest bearing
 deposits               1,143,957   1,153,291     999,160   1,003,744
  Total deposits        1,339,689   1,335,833   1,159,904   1,143,828
Other borrowings          161,263     149,590     123,197     113,586
Shareholders' equity      178,591     178,855     144,306     140,084

Asset quality data
----------------------
Nonaccrual loans       $    6,443  $    5,626  $    5,566  $    5,413
Loans 90 past due or
 more                       2,228       2,054       1,848       3,891
                        ----------  ----------  ----------  ----------
Non-performing loans        8,671       7,680       7,414       9,304
Other real estate
 owned and
 repossessions              2,324       2,516       1,901       1,661
                        ----------  ----------  ----------  ----------
Non-performing assets  $   10,995  $   10,196  $    9,315  $   10,965
                        ==========  ==========  ==========  ==========

Net loan charge-offs   $    1,824  $      324  $      610  $      463
Allowance for loan
 losses                    14,403      16,309      13,152      13,274

Non-performing loans /
 total loans                 0.76%       0.68%       0.82%       1.05%
Non-performing assets
 / total assets              0.64%       0.60%       0.65%       0.75%
Allowance for loan
 losses / total loans        1.26%       1.45%       1.45%       1.50%
Allowance for loan
 losses /
     non-performing
      loans                166.30%     212.36%     177.39%     142.67%
Net loan charge-offs
 (annualized) /
    average loans            0.64%       0.12%       0.28%       0.21%

Balances at period end
----------------------
Total assets           $1,707,545  $1,706,462  $1,422,381  $1,469,269
Earning assets          1,519,704   1,527,387   1,295,876   1,347,168
Securities                371,581     384,550     360,120     425,609
Mortgage loans held
 for sale                   2,714       1,502       1,708       1,255
Loans, net of unearned  1,141,480   1,128,047     906,186     882,484
Intangibles                50,424      50,712       5,646       5,746

Non-interest bearing
 deposits              $  200,922  $  201,419  $  160,771  $  195,837
Interest bearing
 deposits               1,117,755   1,135,882     990,310   1,002,188
  Total deposits        1,318,677   1,337,301   1,151,081   1,198,025
Other borrowings          191,547     172,723     115,679     112,340
Shareholders' equity      179,042     176,712     138,276     141,286

Market value per
 common share               33.10       32.55       34.56       33.70
Book value per common
 share                      19.79       19.60       16.89       17.26
Tangible book value
 per common share           14.22       13.97       16.20       16.56
Shareholders' equity
 to assets (actual)         10.49       10.36        9.72        9.62
Tangible capital ratio       7.76        7.61        9.36        9.26
Leverage ratio               8.97        8.95       10.77       10.54

Detail of Loans by
 Category
----------------------
Commercial, financial,
 agricultural          $  175,571  $  177,018  $  142,999  $  139,960
Lease financing            10,809      11,450      11,365      11,785
Real estate -
 construction              96,404      94,779      58,344      59,361
Real estate - 1-4
 family mortgages         375,698     356,798     320,198     309,029
Real estate -
 commercial mortgages     395,048     394,386     291,012     277,517
Installment loans to
 individuals               87,950      93,616      82,268      84,832
                        ----------  ----------  ----------  ----------
  Loans, net of
   unearned            $1,141,480  $1,128,047  $  906,186  $  882,484
                        ==========  ==========  ==========  ==========

(a) Percent variance not meaningful

                         4th Qtr
                          2005 -  
                         4th Qtr            For the Year
                          2004             Ended December 31,
                                   -----------------------------------
                         Percent                             Percent
Average balances         Variance     2005         2004      Variance
----------------------- ----------  ----------  ----------- ----------
Total assets                40.23  $2,354,671  $ 1,567,638      50.21
Earning assets              38.78   2,070,661    1,410,977      46.75
Securities                   7.26     420,889      394,456       6.70
Loans, net of unearned      47.22   1,622,749    1,000,713      62.16
Intangibles                109.14     101,194       33,461        (a)

Non-interest bearing
 deposits                   24.86     235,998      176,908      33.40
Interest bearing
 deposits                   40.10   1,544,095    1,075,440      43.58
 Total deposits             37.87   1,780,093    1,252,348      42.14
Other borrowings            70.48     315,046      137,008     129.95
Shareholders' equity        32.15     235,372      160,032      47.08

Asset quality data
-----------------------
Nonaccrual loans           (38.17) $    3,984  $     6,443     (38.17)
Loans 90 past due or
 more                       30.43       2,906        2,228      30.43
                                    ----------  -----------
Non-performing loans       (20.54)      6,890        8,671     (20.54)
Other real estate owned
 and repossessions          84.98       4,299        2,324      84.98
                                    ----------  -----------
Non-performing assets        1.76  $   11,189  $    10,995       1.76
                                    ==========  ===========

Net loan charge-offs       (55.43) $    3,244  $     3,221       0.71
Allowance for loan
 losses                     27.49      18,363       14,403      27.49

Non-performing loans /
 total loans                             0.42%        0.76%
Non-performing assets /
 total assets                            0.47%        0.64%
Allowance for loan
 losses / total loans                    1.12%        1.26%
Allowance for loan
 losses /
     non-performing
      loans                            266.52%      166.30%
Net loan charge-offs
 (annualized) /
    average loans                        0.20%        0.32%

Balances at period end
-----------------------
Total assets                       $2,398,173  $ 1,707,545      40.45
Earning assets                      2,105,281    1,519,704      38.53
Securities                            399,034      371,581       7.39
Mortgage loans held for
 sale                                  33,496        2,714   1,134.19
Loans, net of unearned              1,646,223    1,141,480      44.22
Intangibles                           100,664       50,424      99.64

Non-interest bearing
 deposits                          $  250,270  $   200,922      24.56
Interest bearing
 deposits                           1,618,181    1,117,755      44.77
 Total deposits                     1,868,451    1,318,677      41.69
Other borrowings                      266,505      191,547      39.13
Shareholders' equity                  235,440      179,042      31.50

Market value per common
 share                                  31.63        33.10      (4.44)
Book value per common
 share                                  22.88        19.79      15.62
Tangible book value per
 common share                           13.10        14.22      (7.87)
Shareholders' equity to
 assets (actual)                         9.82        10.49
Tangible capital ratio                   5.87         7.76
Leverage ratio                           8.61         8.97

Detail of Loans by
 Category
-----------------------
Commercial, financial,
 agricultural                      $  226,203  $   175,571      28.84
Lease financing                         7,469       10,809     (30.90)
Real estate -
 construction                         169,543       96,404      75.87
Real estate - 1-4
 family mortgages                     566,455      375,698      50.77
Real estate -
 commercial mortgages                 597,273      395,048      51.19
Installment loans to
 individuals                           79,280       87,950      (9.86)
                                    ----------  -----------
 Loans, net of unearned            $1,646,223  $ 1,141,480      44.22
                                    ==========  ===========

(a) Percent variance not meaningful
*T